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not having a go, because quite often MER isn't the total cost incurred to run a company; did you get those numbers from the Bell Potter spread?

From the latest Monthly reports:

AFI : Management cost: 0.14 per cent, no performance fees.

ARG : MER 0.14% ( Internal management structure ensures low operating costs and no external fees)

MIR :  Management cost: 0.50 per cent, no performance fees. (... and it has been coming down as FUM increases; Feb 2020, 0.61 per cent)

WAM : can't find anything in the Monthly update. Probably there in the Annual Report. I'll believe yr numbers.

I just did an IRR report for assets I hold, to 31 Dec. Some pleasing numbers for the LICs; consistent too.

Returns include franking and are for ......... 12 months .... 3 years .... 5 years .....10 years ... Since inception (early 2007 incl GFC)

Australian Foundat. - Ordinary Fully Paid (AFI) ... 21.17% ... 18.52% ... 13.70% .... 14.31% ... 8.76%pa

- Argo Investments - Ordinary Fully Paid (ARG) ... 27.16% ...16.09% ... 12.08% .... 13.50% .... 8.34%pa

Mirrabooka Invest. - Ordinary Fully Paid (MIR) ... 29.41% ... 25.07% ... 12.59% .... 19.90% .... 12.35%pa

Of course, some say these are "buy and hold" or 'set and forget" but that isn't necessarily true. The management of each is making decisions all the time (" actively managed in a tax-aware manner within a low cost structure ") ; plus there is the opportunity to participate in rights issues/ SPPs and enhance returns if so inclined (Buy if below NTA; Sell if above NTA) .